Swiss Prosecutors Investigate Dinara Kulibayeva’s Castle Purchase

Swiss prosecutors are scrutinizing real estate transactions made by Dinara Kulibayeva, the daughter of former Kazakh President Nursultan Nazarbayev, between 2019 and 2020.

The Geneva Prosecutor’s Office has launched a criminal investigation, though Kulibayeva’s lawyer insists that all funds used in the deals are legitimate, Orda.kz reports.

According to Swiss media Le Temps, Kulibayeva purchased three properties in Geneva for 126 million Swiss francs (approximately 69.7 billion tenge).

Authorities are now investigating the origin of these funds, particularly transactions processed through Swiss bank REYL Intesa Sanpaolo, which has reportedly raised concerns about their source.

A notable purchase was Bellerive Castle, an estate built in 1666 for Duke Charles-Emmanuel II of Savoy. 

Kulibayeva bought the castle in 2022 for 106 million francs (approximately 58.6 billion tenge).

In 2023, Bellerive was designated a cultural heritage site of primary importance. Along with the castle, she acquired a neighboring lakeside plot for 44 million francs, now home to her Montes Alti charity foundation.

Between August 2019 and July 2020, Kulibayeva reportedly bought 62,000 square meters of luxury property in Geneva’s vicinity.

Initially, these acquisitions did not raise concerns among Swiss authorities.

The Geneva Prosecutor’s Office confirmed that a criminal investigation is underway, though it has not disclosed the names of those involved or the specific nature of the suspicions.

Kulibayeva’s lawyer, Jean-Christophe Oc, stated that his client had provided detailed information to the prosecutor’s office but declined to reveal specifics. He emphasized that Swiss banks and regulatory authorities in Kazakhstan and London thoroughly vetted the funds used for these purchases. 

REYL Intesa Sanpaolo Bank did not provide a detailed comment, limiting itself to a routine statement about ongoing cooperation with law enforcement agencies. 

Dinara Kulibayeva has not been charged in the case currently being investigated by the Swiss prosecutor.

Le Temps has uncovered details about the investigation.

According to our sources, the case revolves around approximately 150 million francs transferred to Dinara Kulibayeva’s account at REYL Intesa Sanpaolo in Geneva. These funds came — directly or indirectly — from a bank in Kazakhstan. Le Temps

Swiss financial regulators closely monitor transactions linked to politically exposed persons and high-risk countries.

Kulibayeva’s real estate dealings fit both criteria.

While it remains unclear when the investigation officially began, Swiss journalists estimate it has been ongoing for at least 18 months.

In 2010, a similar investigation was launched into Timur Kulibayev — Dinara’s husband and Kazakhstan’s second-richest businessman — though the case was dropped three years later.

Kulibayeva’s ownership of Swiss luxury real estate has been public knowledge for years, with her Geneva purchases widely reported in 2022.

At the time, these acquisitions were even seen as an effort to legitimize the couple’s wealth.

However, Swiss prosecutors’ renewed interest in the transactions raises fresh questions of money origin.

This report emerges following a reported billion-dollar settlement between Timur Kulibayev and the state. 

The Kulibayevs have been offloading assets rather than acquiring new ones.

Last year, Timur Kulibayev sold a London mansion for £35 million. Information has also surfaced that he could have contributed to settling Kazakhstan’s infamous Stati case. 

Original Author: Nikita Drobny